Income Tax Compliances
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Income Tax - Overview
Income tax is one of the primary sources of revenue for the Indian government, levied on individuals, businesses, and other entities based on their income. The Income Tax Act, 1961, governs the rules and regulations concerning taxation. Taxpayers are classified into different categories, such as individuals, Hindu Undivided Families (HUFs), firms, LLPs, and companies, each with distinct tax rates and compliance requirements.
With continuous reforms and updates in tax policies, it is essential for businesses and individuals to remain compliant to avoid penalties and optimize tax liabilities. At Alpviram Legal, we specialize in providing expert tax solutions, ensuring accurate filings, tax planning, and representation before tax authorities.
Direct Tax
Direct tax refers to taxes imposed directly on individuals and businesses based on their earnings. The burden of direct tax cannot be shifted to another entity, making it crucial for taxpayers to plan and comply accordingly. The key components of direct tax include:
Income Tax: Levied on individuals, HUFs, firms, and corporations based on their earnings in a financial year.
Corporate Tax: A tax on profits earned by registered companies in India.
Capital Gains Tax: Imposed on profits earned from the sale of assets such as real estate, stocks, and mutual funds.
Minimum Alternate Tax (MAT): Applicable to companies that declare profits but pay minimal or no tax under regular provisions.
Dividend Distribution Tax (DDT): Previously levied on dividends distributed by companies, now shifted to the recipient’s tax liability.
Corporate Tax
Corporate tax is a crucial aspect of direct taxation in India, impacting businesses and corporate entities. Companies registered under the Companies Act or any other statute are required to pay tax on their profits as per the prevailing rates under the Income Tax Act. Corporate tax compliance involves:
Filing of annual tax returns.
Strategic tax planning to minimize liabilities.
Availing deductions under sections such as 80JJAA, 80G, and 35(2AB).
Handling assessments and appeals before tax authorities.
Personal Tax
Personal income tax is levied on individuals based on their income earned through salary, business, profession, or other sources. Effective tax planning is essential to optimize income tax liabilities and benefit from deductions and exemptions available under various provisions of the Income Tax Act.
At Alpviram Legal, we offer specialized personal tax services, including:
Filing of personal income tax returns.
Advance tax and self-assessment tax computation.
Tax planning for high-net-worth individuals (HNIs) and salaried professionals.
Guidance on tax deductions under Sections 80C, 80D, and 10(14).
Assistance with tax refunds and scrutiny assessments. With continuous reforms and updates in tax policies, it is essential for businesses and individuals to remain compliant to avoid penalties and optimize tax liabilities. At Alpviram Legal, we specialize in providing expert tax solutions, ensuring accurate filings, tax planning, and representation before tax authorities.
What We Provide
We offer a full range of Income Tax-related services to ensure your business remains compliant and optimized:
Income Tax Return Filing
Filing an Income Tax Return (ITR) is a crucial compliance requirement for individuals and businesses earning taxable income in India. Proper and timely filing ensures compliance with the law and allows taxpayers to claim refunds, carry forward losses, and maintain transparency in financial transactions.
Our income tax return filing services include:
Preparation and submission of ITR for individuals, businesses, and NRIs.
Tax optimization to minimize liabilities.
Handling advance tax computations.
Assistance in responding to tax notices and scrutiny assessments.
Filing revised or belated returns.
With our expert team, we ensure hassle-free and accurate income tax filings, helping you meet deadlines and avoid unnecessary penalties.
TDS and TCS Compliances
Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) are essential mechanisms to collect tax at the point of income generation. Compliance with TDS and TCS regulations is mandatory for businesses to avoid penalties and interest charges.
Our TDS and TCS compliance services include:
TDS return filing for salaries, contractor payments, rent, professional fees, etc.
Generating and issuing Form 16/16A for employees and vendors.
TCS return filing and compliance for applicable businesses.
Reconciliation of tax credits with Form 26AS.
Handling TDS defaults, late fees, and penalty resolutions.
We provide end-to-end solutions to manage your TDS and TCS compliance seamlessly, ensuring accuracy and adherence to statutory requirements.
Lower Deduction Certificates
In certain cases, taxpayers can apply for a lower deduction or nil deduction certificate under Section 197 to reduce the burden of excess TDS deductions. This is beneficial for businesses and individuals facing cash flow challenges due to higher tax deductions at source.
Our services for obtaining Lower Deduction Certificates include:
Evaluation of eligibility and preparation of applications.
Liaising with tax authorities for quick processing.
Assisting in documentation and submission.
Representation in case of queries or objections by the department.
With our expertise, we help businesses and individuals secure lower deduction certificates efficiently, ensuring better cash flow management and compliance.
80G and 12A Registration
Charitable organizations, NGOs, and trusts looking to avail tax exemptions must obtain 80G and 12A registrations under the Income Tax Act. These registrations help organizations gain tax benefits and encourage donors to contribute by providing them tax deductions.
Our 80G and 12A registration services include:
Assessment of eligibility criteria.
Preparation and filing of applications.
Assistance in drafting necessary documentation.
Liaison with tax authorities for smooth processing.
Representation in case of objections or clarifications.
With our expert guidance, we ensure a smooth registration process, helping organizations gain the necessary tax exemptions and compliance benefits.
Tax Advisory / Planning
Strategic tax planning helps individuals and businesses minimize liabilities while staying compliant with legal requirements. Proper tax structuring not only optimizes tax payments but also ensures financial efficiency and long-term benefits.
Our tax advisory and planning services include:
Personalized tax-saving strategies for individuals and businesses.
Capital gain tax calculations and exemptions.
Corporate tax planning to optimize profits.
International tax advisory for NRIs and foreign businesses.
Guidance on deductions, exemptions, and rebates.
Representation before tax authorities in case of disputes or assessments.
At Alpviram Legal, we provide tailored tax planning solutions to help you achieve financial efficiency while ensuring compliance with tax laws.
Frequently Asked Questions
It is the comprehensive statute that governs the levy, administration, collection, and recovery of income tax in India.
Individuals, Hindu Undivided Families (HUFs), companies, firms, LLPs, associations of persons, bodies of individuals, local authorities, and any other artificial juridical persons are liable to pay tax if they have taxable income.
The assessment year is the year following the financial year in which income is assessed to tax. The previous year is the financial year in which income is earned.
Residential status is determined based on the individual’s physical presence in India during the financial year and the preceding years, as specified in the Act.
Income is categorized into:
- Salaries
- Income from House Property
- Profits and Gains of Business or Profession
- Capital Gains
- Income from Other Sources
Agricultural income is exempt from tax, but it is considered for rate purposes when computing tax on non-agricultural income.
It provides a rebate on tax payable for individuals with income below a certain threshold, effectively reducing their tax liability.
It is a certificate issued by employers detailing the salary paid and tax deducted at source (TDS) on it.
It is the income tax payable if your tax liability exceeds a certain amount, to be paid in installments during the financial year.
It is a means of collecting tax at the source from where an individual’s income is generated.
Returns can be verified electronically using Aadhaar OTP, net banking, or by sending a signed physical copy to CPC Bangalore.
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